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July 22, 2014
16:05 EDTCCOClear Channel Outdoor declares special cash dividend of 49c
On July 21, in accordance with the terms of its charter, the board of Clear Channel Outdoor Holdings, or CCOH, provided notice of its intent to make a demand for repayment on August 11 of $175M outstanding under the Due from Clear Channel Communications, or CCU, Note and declared a special cash dividend payable in cash on August 11 to CCOH’s Class A and Class B stockholders of record at the closing of business on August 4, in an aggregate amount equal to $175M, or approximately 49c per share. As the indirect parent of CCOH, CCU will be entitled to approximately 88% of the proceeds from the dividend through its wholly owned subsidiaries. The remaining approximately 12% of the proceeds from the dividend, or approximately $21M, will be paid to the public stockholders of CCOH.
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